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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Tahoe Resources (THO-N; TAHO-N) reported updated 2017 guidance for its gold operations.
"Due to ongoing interruption of operations at Escobal, multi-year guidance remains under review for all operations," the company said. "Despite this interruption, the company's balance sheet remains strong with cash and cash equivalents of more than $185-million at the end of August 2017."
Tahoe said its gold operations are "performing well and represent an increasingly meaningful contribution to the overall financial performance of the company."
It increased its guidance for gold production to 400,000 to 450,000 ounces for 2017, "due in large part to the positive mine plan reconciliation experienced at La Arena year to date."
It also said total cash costs per ounce of gold produced have been revised downward, or by $50 (U.S.) per ounce to an estimated $650 to $700 per ounce, "reflecting the higher anticipated production levels and better than anticipated cost performance year to date."
All-in sustaining costs have decreased by $100 per ounce to a guidance range of $1,050 to $1,150 per ounce "driven by higher production and lower capital and exploration costs," the company said.
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Rayonier Advanced Materials Inc. (RYAM-N) says its $1.1-billion takeover offer for Tembec Inc. (TMB-T) no longer needs approval under the Investment Canada Act as a closing condition, due to new legislation.
This new Canada-European Union Comprehensive Economic and Trade Agreement Implementation Act increases the threshold for government approval of an acquisition of a Canadian business by certain non-Canadian investors, including investors from the U.S. such as Rayonier, to $1.5-billion from $1-billion, the companies stated.
The transaction falls below this new threshold. Tembec shareholders approved the takeover in July.
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Alaris Royalty Corp. (AD-T) says it has contributed an additional $6-million (U.S.) to Sandbox Acquisitions, LLC and an additional $2-million to C&C Communications, LLC
In exchange for the Sandbox contribution, Alaris will receive an annualized distribution of approximately $900,000 in addition to the $3.5-million it already receives, and in exchange for the C&C contribution, it will receive about $300,000 in annualized distributions in addition to the $600,000 million it currently receives from the company.
Alaris said it has contributed a total of $28-million to Sandbox and $6-million to C&C since partnering with them.
"Both Sandbox and ccComm used the proceeds from Alaris to make acquisitions in their respective industries," Alaris said.
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New Pacific Metals Corp. (NUAG-X) reported a net loss attributable to equity holders of $1.6-million or 2 cents per share in the fourth quarter.
That compared to net loss of $1.8-million or 3 cents per share for the quarter ended June 30, 2016.
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Polaris Materials Corp. (PLS-T) says it has received a competing takeover bid from a major publicly listed U.S. construction materials company.
The unnamed company made an unsolicited offer to buy the company for $3.40 per share, Polaris Materials said in a release overnight.
On Aug. 28, Polaris Materials announced a proposed deal to be taken over by Vulcan Materials Corp. (VMC-N) for $2.79 per share.
The company says its board has determined the new offer "is or could reasonably be expected to result in a superior proposal."
Vulcan has until Sept. 28 to update its proposal.
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Western Energy Services Corp. (WRG-T) announced a concurrent debt and equity financing on Friday.
Western Energy says it has entered into agreements with Alberta Investment Management Corp. for a $215-million second lien senior secured term loan facility and a private placement of 9.1 million shares at $1.25 each to raise $11.4-million.
Western also said it has a bought-deal financing agreement with a syndicate of underwriters led by Peters & Co. Ltd to buy 9.1 million shares at $1.25 each for total proceeds of $11.4-million.
It also said it has received commitments from certain lenders to amend its senior secured credit facilities.
Western said it plans to use the net proceeds of the financings, along with cash on hand and funds available under the credit facility, to redeem outstanding senior unsecured notes.
"Since the beginning of the downturn in the oilfield service industry, we have focused on managing our business to maximize returns for our stakeholders," said CEO Alex MacAusland in a release. "These financings represent a continuation of this effort, positioning Western with an appropriate capital structure to succeed in the current business environment."
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CRH Medical Corp. (CRH-T; CRHM-N) says it has acquired a 51-per-cent interest in a gastroenterology anesthesia practice in Raleigh, North Carolina. It said the transaction was financed through a combination of CRH's credit facility and cash on hand.
The company also provided a third-quarter outlook saying total revenue is expected to be about $22.7-million (U.S.). Analysts are expecting revenue of $24.3-million. Adjusted operating EBITDA (earnings before interest, taxes, depreciation and amortization) attributable to shareholders for the period is estimated to be about $7.3-million.
CRH Medical said the third-quarter outlook reflects "recent data implying that commercial insurance patient cases will not increase as much as expected," compared to the second quarter and the expected impact of Hurricane Irma on facilities in the southeastern U.S. It said about 1,500 procedures were cancelled as a result of the storm. The outlook also includes the positive impact of recently announced acquisitions.
"The company is providing this outlook to clarify shareholder expectations considering such factors affecting the company," the company said.
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